Freshest Figures Show New Home Prices Increase, Sales Decline in Augusta
Posted on: May 06, 2013 07:02:30 AM
In the Augusta, GA market, closings of new homes dropped year-over-year in February, and the percentage drop was steeper than January 2013. Closings fell 11.1% from a year earlier to 104, compared with an 8.3% decline in January from the year earlier.
A total of 1,682 new homes were sold during the 12 months that ended in February, down from 1,695 for the year that ended in January.
New home closings represented 16.9% of overall housing closings. This is down from the a year earlier when new home closings made up 19.2% of total closings. For new and existing homes, closings increased year-over-year in February after also increasing in January year-over-year.
Pricing and Mortgage Trends
Average price of newly sold homes had a 2.3% rise year-over-year to $201,031 per unit in February. This rise is a reversal from a 1.5% decline in January from a year earlier.
Average mortgage size on new homes rose year-over-year along with new home prices. It increased to $196,418 in February, a 2.5% rise. In January 2013, average mortgage size on newly sold homes saw a 1.0% decline from a year earlier. The overall percentage of sale price that was being financed went from 97.4% of average price to 97.7% from a year earlier. It moved from 93.2% in January 2012 to 93.7% in January 2013.